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Shanghai shares higher on gains of distilleries
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SHANGHAI stocks ended slightly higher today as distilleries rallied even though real estate firms slumped over data that showed home prices rose in fewer cities in February.
The benchmark Shanghai Composite Index added 0.08 percent, or 1.52 points, to 2,025.20. Turnover was 83.6 billion yuan (US$13.7 billion) at the trading close.
Kweichow Moutai Co Ltd, China’s biggest liquor maker, led the gains of distilleries, rising 2.9 percent to 171.32 yuan, after The Shanghai Securities News reported that the state-owned liquor producer plans to list Guizhou Xijiu, a unit of its portfolio, in Hong Kong later this year.
The proposed listing is part of the company’s plan to diversify into a wide range of businesses from alcohol making to finance and tourism, the paper said.
“The restructuring plan targets institutional limitations that are common among state-owned enterprises and will help boost the valuation of Kweichow Moutai,” China International Capital Corp Ltd said, adding that other distilleries may follow the suit.
Most homebuilders were sluggish after the National Bureau of Statistics showed that 57 of the 70 major cities in China recorded rises in new home prices, down from 62 in January.
The real estate sector was also depressed by media reports that unlisted Zhejiang Xingrun Real Estate Co could not repay 3.5 billion yuan of debts, fueling worries about defaults.
Poly Real Estate lost 2.8 percent to 6.88 yuan. Gemdale Corporation shed 0.8 percent to 6.29 yuan.
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